Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Yojana (PMJDY)is the flagship financial inclusion scheme of the NDA government. PMJDY aims to provide basic financial services, such as bank accounts and debit cards, to the citizens of India. PMJDY has been launched to take forward the national mission of financial inclusion. PMJDY is designed as a means to enhance economic sustainability and provide financial services such as bank deposit accounts, loans and insurance to the public. The NDA government started PMJDY with the motto 'Mera Khata Mera Bhagya Vidhata'. Securing subsidy, overdraft facility and pension scheme are among the long term goals for the poor section in the Indian society in this scheme. It aims to cover 7.5 crore households . Prime Minister Narendra Modi in his first Independence Day address (in 2015) had promised financial inclusion for the general public. But this is possibleonly if the majority of the population of this country is involved in financial activities. But 42 percent of the Indian population is not connected to the banking system itself,due to which their financial needs depend only on the traditional sector financial traders, local baniyas or moneylenders. Not only this, they do not deposit their deposits in safe business institutions or banks, but they fall prey to moneylenders or ponzi institutions, as well asdo not get insurance cover.
PMJDY, in the view of the Prime Minister, marks the end of the era of financial untouchability a part from the expansion of financial services across the country. It will also be used as an effective tool to curb corruption because if most of the people of India have bank accounts, any kind of amount can be transferred directly fromthe government to their accounts, which will lead to leakage problem. (problem of leakage) control can be achieved. Along with this, it can also become an ally in realizing the vision of Prime Minister Narendra Modi of Digital India, under which success will also be achieved in making the Indian economy cashless.All accounts opened under Pradhan Mantri Jan Dhan Yojana will be zero-balance (zero balance accounts and linked to RuPay Debit Card). Know Your Customer KYC . This account will be active for a period of 12 months and during this period the account holder will have to provide valid identity document, such as Aadhar or PAN card, other account will become inactive Accounts opened under this scheme cannot be credited more than Rs.1 lakh in a year and total withdrawal cannot exceed Rs.10,000 in a month.The balance in the account exceeds Rs.50,000 The special thing is that arrangements have been made to provide free accident cover of Rs 1 lakh to the account holder made under this scheme.
